In December 2024, market breadth for the S&P 500 has reached a historic low, with only 17% of its stocks outperforming the index month-to-date. This marks the lowest share of outperformers since at least 1986, indicating that 435 stocks in the S&P 500 have declined more than the index during the month. Additionally, the S&P 500 Equal Weight Index underperformed the traditional market cap-weighted S&P 500 by 4.05%, ranking as the fifth worst month of relative performance since 2003. The overall performance of the S&P 500 has also been negative, with a decline of 2.5% in December, marking the third negative month of the year and the worst performance since April 2024. Only 54 stocks closed higher in December compared to 449 that declined, resulting in a spread of -395, the lowest since September 2022 when the index experienced a decline of 9.3%.